Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Broadcom remains as one of the best-positioned semiconductors stocks.</li>
<li>The recent rally, however, is factoring too optimistic scenario for the future and creates a downward risk for the share price.</li>
<li>Profitability would continue to experience strong tailwinds, but this is unlikely to bring significant rewards for shareholders.</li>
</ul>


Broadcom remains as one of the best-positioned semiconductors stocks.
The recent rally, however, is factoring too optimistic scenario for the future and creates a downward risk for the share price.
Profitability would continue to experience strong tailwinds, but this is unlikely to bring significant rewards for shareholders.


Broadcom: A Well-Positioned Business, But Downward Risk Is Significant In The Near Term

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> is looking to raise up to US$147m in its Korean IPO.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.</li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> is looking to raise up to US$147m in its Korean IPO.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.</li>
</ul>



Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.


Fadu Pre-IPO - Peer Comparison - Hardly Comparable in Scale to Its Peers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Fadu is getting ready to complete its IPO in Korea in August. Fadu is one of the most highly anticipated IPOs in Korea in 2023. </li>
<li>The expected market cap at the top end of the IPO price range is 1.6 trillion won. The IPO price range is from 26,000 won to 31,000 won.</li>
<li>Fadu is a system semiconductor fabless company specializing in data centers.</li>
</ul>


Fadu is getting ready to complete its IPO in Korea in August. Fadu is one of the most highly anticipated IPOs in Korea in 2023. 
The expected market cap at the top end of the IPO price range is 1.6 trillion won. The IPO price range is from 26,000 won to 31,000 won.
Fadu is a system semiconductor fabless company specializing in data centers.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Broadcom delivered a positive result and managed an all-around beat in the last quarter.</li><li>Semiconductor Solutions' revenue showed an increase, driven by stable growth in core software despite some challenges in the Brocade business.</li><li>They remain confident about their prospects and anticipate continued growth in semiconductor revenue for the upcoming quarter.</li></ul>

Broadcom delivered a positive result and managed an all-around beat in the last quarter.Semiconductor Solutions' revenue showed an increase, driven by stable growth in core software despite some challenges in the Brocade business.They remain confident about their prospects and anticipate continued growth in semiconductor revenue for the upcoming quarter.

Broadcom Inc.: Introduction of Wi-Fi RF FEM & Other Developments

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Broadcom: A Well-Positioned Business, But Downward Risk Is Significant In The Near Term

Profitability would continue to experience strong tailwinds, but this is unlikely to bring significant rewards for shareholders.

Vladimir Dimitrov, CFA

Fadu IPO - Thoughts on Valuation

Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO. Previously, we looked at the company’s past performance and undertook a peer...

Ethan Aw

Fadu Pre-IPO - Peer Comparison - Hardly Comparable in Scale to Its Peers

Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO. In our previous notes, we looked at the company’s past performance. In this...

Ethan Aw

Fadu IPO Preview

Fadu is a Korean system semiconductor fabless company specializing in data centers. It is getting ready to complete its IPO in August. Fadu is one...

Douglas Kim

Broadcom Inc.: Introduction of Wi-Fi RF FEM & Other Developments

Broadcom delivered a positive result and managed an all-around beat in the last quarter. Semiconductor Solutions' revenue showed an increase,...

Baptista Research

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